Middle East & Africa Smart Elevator Market
No. of Pages: 87 | Report Code: BMIRE00030921 | Category: Electronics and Semiconductor
No. of Pages: 87 | Report Code: BMIRE00030921 | Category: Electronics and Semiconductor
The Middle East & Africa smart elevator market was valued at US$ 1,167.05 million in 2023 and is expected to reach US$ 2,283.83 million by 2031; it is estimated to register at a CAGR of 8.8% from 2023 to 2031.
The introduction of smart elevators, AI, and the IoT extended reality technologies, among other latest developments and innovations in the vertical transportation industry. These technological developments have enhanced the intelligence and accessibility of vertical transportation. A novel generation of advancement in vertical transportation has been made possible by smart elevators, which allow greater performance monitoring. Smart elevators, equipped with cutting-edge technology and intelligent systems, have emerged as a game-changer in the vertical transportation industry, offering enhanced efficiency, safety, and user experience. Smart elevators transform the vertical transportation landscape, offering improved efficiency, safety, and user experience. As technology continues to evolve, smart elevators are expected to play a critical role in shaping the future of vertical transportation, revolutionizing how individuals move within buildings. Therefore, the growing demand for advanced elevators in vertical transportation is expected to create lucrative opportunities for the Middle East & Africa smart elevator market during the forecast period.
Saudi Arabia is renowned for its economically progressive policies. With several bigger projects ongoing in the country, a vast array of intellects has accumulated in the country for various sectors. Fierce competition and geographical challenges have made it difficult for investors as huge investments have been pumped into the country's economy. The demands for construction have witnessed an upward trend in residential, commercial, as well as infrastructure projects. As part of their 2030 Vision serving as the compass, the country is moving toward new developments, intending to revive culture and expand the economy. A few of the mega projects in the country are Neom, King Abdullah Economic City (KAEC), and Jeddah Economic City. Further, the declining oil prices have had an impact on the country's economy, thereby negatively impacting the infrastructural construction sector. However, efficient policies laid down by the authorities in the country have led to a stable market for smart elevators.
In March 2024, Otis Worldwide Corporation was contracted by Emaar Properties to upgrade 34 elevators and all eight escalators in the Burj Khalifa. The modernization effort aims to enhance the efficiency and safety of vertical transport within the world's tallest structure, which soars over 828 meters and houses more than 160 stories. The upgrade includes the implementation of an advanced version of the Elevator Management System (EMS Panorama), facilitating real-time remote control and management of the elevators and escalators. Such developments are anticipated to create lucrative opportunities for the smart elevator market in the Middle East & Africa during the forecast period.
Strategic insights for the Middle East & Africa Smart Elevator provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1,167.05 Million |
| Market Size by 2031 | US$ 2,283.83 Million |
| Global CAGR (2023 - 2031) | 8.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Setup
|
| Regions and Countries Covered | Middle East and Africa
|
| Market leaders and key company profiles |
The geographic scope of the Middle East & Africa Smart Elevator refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
Strategic insights for the Middle East & Africa Smart Elevator provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market. The geographic scope of the Middle East & Africa Smart Elevator refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
Get more information on this report Middle East & Africa Smart Elevator Strategic Insights
Get more information on this report Middle East & Africa Smart Elevator Report Scope
Report Attribute
Details
Market size in 2023
US$ 1,167.05 Million
Market Size by 2031
US$ 2,283.83 Million
Global CAGR (2023 - 2031)
8.8%
Historical Data
2021-2022
Forecast period
2024-2031
Segments Covered
By Setup
By Carriage
Regions and Countries Covered
Middle East and Africa
Market leaders and key company profiles
Get more information on this report Middle East & Africa Smart Elevator Regional Insights
Get more information on this report
The Middle East & Africa smart elevator market is segmented based on carriage, setup, application, and country.
In terms of carriage, the Middle East & Africa smart elevator market is bifurcated into passenger and freight. The passenger segment held a larger share in 2023.
Based on setup, the Middle East & Africa smart elevator market is segmented into modernization, maintenance, and new deployments. The new deployments segment held the largest share in 2023.
By application, the Middle East & Africa smart elevator market is segmented into residential, commercial, and industrial. The commercial segment held the largest share in 2023.
Based on country, the Middle East & Africa smart elevator market is categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Saudi Arabia dominated the Middle East & Africa smart elevator market in 2023.
Kone Corp, Otis Worldwide Corp, Hyundai Elevator Co Ltd, Thyssen Krupp AG, Schindler Holding AG, Mitsubishi Electric Corp, and Hitachi Ltd are some of the leading companies operating in the Middle East & Africa.
The Middle East & Africa Smart Elevator Market is valued at US$ 1,167.05 Million in 2023, it is projected to reach US$ 2,283.83 Million by 2031.
As per our report Middle East & Africa Smart Elevator Market, the market size is valued at US$ 1,167.05 Million in 2023, projecting it to reach US$ 2,283.83 Million by 2031. This translates to a CAGR of approximately 8.8% during the forecast period.
The Middle East & Africa Smart Elevator Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East & Africa Smart Elevator Market report:
The Middle East & Africa Smart Elevator Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East & Africa Smart Elevator Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East & Africa Smart Elevator Market value chain can benefit from the information contained in a comprehensive market report.
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